Streamlining Marine Inspections for Underwriting:
A Step-by-Step Journey
Marine underwriting presents unique challenges for insurers, particularly when it comes to inspecting vessels such as boats and yachts. The shortage of expert resources, the complexity of scheduling inspections, and coordinating various stakeholders can create bottlenecks in the process. In ongoing discussions with insurers, these issues are increasingly in focus as the industry looks for innovative ways to streamline operations. As insurers seek solutions, the conversation often turns toward more automated, self-service workflows that reduce manual effort and improve efficiency.
Addressing Underwriting Challenges with Self-Service Marine Inspections
One of the most significant hurdles in marine underwriting is the reliance on expert resources to conduct inspections. Finding the right expertise, scheduling inspections, and managing communication between multiple parties can slow down the underwriting process. Insurers are now exploring ways to overcome these challenges through self-service workflows that empower other parties – such as brokers or vessel owners – to perform certain aspects of the inspection, reducing the burden on insurers.
A self-service workflow allows insurers to collect critical information about the vessel, including images and technical data, without the need for an in-person expert to be on-site for every inspection. This approach not only accelerates the process but also provides flexibility, enabling brokers or vessel owners to complete the inspection tasks at their own convenience. By leveraging digital workflows, insurers are taking the first steps toward automating parts of the underwriting process and laying the groundwork for future advancements.
Simplifying Stakeholder Involvement
A critical step in this innovation journey is finding ways to simplify the involvement of multiple stakeholders. In the marine context, brokers often serve as the primary point of contact between insurers and policyholders. By introducing workflows that allow brokers to conduct or delegate inspections, insurers can streamline communication and data collection.
For instance, the marine inspection workflow can be initiated by an insurer and sent to the broker, who then decides whether to perform the inspection or delegate it to the vessel owner. This delegation capability ensures that the process continues efficiently, even when multiple parties are involved. By integrating brokers into the workflow, insurers gain more structured and complete data without overcomplicating the process.
Laying the Groundwork for Automation and Advanced Technologies
As these workflows evolve, insurers are increasingly discussing the potential to integrate more advanced technologies, such as artificial intelligence, into the process. AI can further enhance underwriting by automating the analysis of collected data, improving accuracy, and reducing the time needed for manual review. This is part of a broader conversation about how insurers can gradually move toward higher levels of automation in underwriting, starting with these early steps.
The ultimate goal is a seamless, automated workflow where inspections, data analysis, and decision-making are highly efficient, reducing friction throughout the process. By digitizing and standardizing the way data is collected and processed, insurers are taking an important step toward more streamlined operations.
Starting the data intake
Select vessel type
Provide vessel images
Delegate to broker
Data submission
DLEGATE: Partnering in the Transformation Journey
DLEGATE is actively supporting insurers on this journey by breaking down complex use cases like marine underwriting into manageable steps. We work closely with clients to identify areas for improvement, guide them through each phase—whether it's streamlining data collection, managing stakeholder workflows, or preparing for advanced automation—and provide the technology solutions necessary for success.
